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Totals 790 units $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit View general journal Record entry Clear entry Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00= Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- 2,520 Sales Purchase 210 units @ $ 24.00 Totals 385 units e 790 units $ 12.00 4,620 $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

Totals 790 units $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit View general journal Record entry Clear entry Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00= Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- 2,520 Sales Purchase 210 units @ $ 24.00 Totals 385 units e 790 units $ 12.00 4,620 $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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Totals 790 units $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit View general journal Record entry Clear entry
Transcribed Image Text:Totals 790 units $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Note: Enter debits before credits. Date January 10 General Journal Debit Credit View general journal Record entry Clear entry
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00= Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- 2,520 Sales Purchase 210 units @ $ 24.00 Totals 385 units e 790 units $ 12.00 4,620 $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00= Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- 2,520 Sales Purchase 210 units @ $ 24.00 Totals 385 units e 790 units $ 12.00 4,620 $ 10,515 385 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
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